4 Emotional Mistakes That Get In The Way Of Selling A House

The greatest hindrance to the sale of a home can be a seller who
is seized by emotion.

"It is very important for sellers to (keep) in mind that a real
estate transaction is most likely the single largest financial
transaction they will ever undertake," says Fiona Dogan, a
realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's
International Realty.

"It should be viewed and handled primarily as a business
transaction, with cold, hard decisions being made on a financial
and investment basis."

Home sellers who allow emotions and sentimental attachments to
overtake them during the sales process run the risk of making
hasty, sometimes poor decisions, Dogan says.

Here are some tips to help any home seller avoid making emotional
mistakes that could cost money.

1. Overpricing.Getting top dollar is the dream of every
home seller. But getting a buyer to pay a premium for features
that are valuable only to you? That's closer to fantasy,
according to Tracie Hamersley, senior vice president and
associate broker at Citi
Habitats in New York City.

"Overpricing often occurs because of emotional reasons,"
Hamersley says. "So many sellers make the mistake of thinking
that their home is special and that a special buyer will pay more
because they also fell in love with the property."

The truth is prices have nothing to do with the seller's
emotional affinity for the property, and according to Hamersley,
it's important sellers understand that as early as possible.

Sellers who bought at the top of the market likely won't see that
same price from today's buyers.

"It's a different market," Hamersley explains. "If a seller
bought their home during the market's peak, they may have to face
the unappealing prospect of losing money on the sale in today's
market. This is a difficult position for a seller to be in, but
it's one that reflects today's reality."

2.Going to a showing. There
are a lot of legitimate reasons why a seller might want to be
present for the home's showing. But having a seller there tends
to sour the experience for most buyers, according to Renee
Weinberg of Petrey Real Estate in Long Beach, N.Y.

"Getting the seller out of the house is key," Weinberg says.
"Whenever we take a listing, this is explained in advance."

According to Karyn Anjali Glubis, a real estate broker and owner
of The Real Estate Expert in Tampa, Fla., sellers are sensitive
when buyers nitpick flaws. "Sellers think that every little thing
is a complaint against how they may have maintained a property,"
Glubis says. The reality is that observations from buyers --
though sometimes harsh -- have nothing to do with the person
selling the home.

Having a seller present for an open house or the first (or even
second) showing tends to stifle potential buyers from expressing
opinions. After hearing negative feedback, some sellers reject
offers for emotional reasons, Weinberg says. Sellers should use
their agents to insulate them from the process, filter relevant
information and only meet the buyers when there's a serious offer
on the table.

3.Rejecting early offers.
Sellers be warned: The longer a property sits on the market, the
worse the offers are likely to get, says Nick Jabbour, a New York
City real estate agent and vice president of Nest Seekers
International.

"Once a property is marketed, it will receive the most attention
during the first two weeks," Jabbour says. "(The home is) new to
the market, and any buyers that have been in the market for a
home will see it come up. If it is priced right, an educated
buyer, (who has) been in the market for a while (and) sees the
home as a fit, will put a serious foot forward."

Sometimes early bids run the risk of spooking sellers who worry
they underpriced their properties. But Jabbour says you can tell
the property was priced correctly when an early offer is near the
asking price, as long as the asking price is in line with the
market.

"Waiting for a better offer is counterproductive and can result
in a property languishing," Jabbour says.

4.Don't take offers
personally. When you're selling your home, it's easy to
take everything personally. But doing so is a big mistake,
according to Fiona Dogan, a realtor in the Rye, N.Y., office of
Julia B. Fee Sotheby's International Realty.

"Sellers need to become emotionally detached very quickly from
their homes," Dogan says. "By its very nature, a real estate
transaction is aggressive and confrontational since the seller
wants the highest price and the buyer wants the lowest."

That negotiation almost always means a buyer will point out every
flaw with the property. But while hearing that information may
sting a little, it's really a good sign, according to Dogan,
because it means the buyer is serious.

"A seller needs to be ready to hear criticism of their lovely
home and be able to deal with it as a negotiating tool and not
take it as a personal affront and walk away from a potential sale
for emotional reasons," Dogan says.